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The AT&T or Verizon of electricity and natural gas.

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• Electric Generation: Producing electricity from various sources including coal, nuclear, natural gas, and renewables.
• Electric Transmission: Operating infrastructure to transport high-voltage electricity over long distances.
• Electric Distribution: Delivering electricity from the transmission grid directly to residential, commercial, and industrial customers.
• Natural Gas Distribution: Providing natural gas supply and delivery to end-use customers.
• Natural Gas Transmission: Operating pipelines for the long-distance transport of natural gas.

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Ameren (AEE) primarily sells its services directly to end-users rather than to other companies for resale. Based on the company description, its major customer categories are:

• Residential customers
• Commercial customers
• Industrial customers

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Martin J. Lyons Jr. - Chairman, President and Chief Executive Officer

Martin J. Lyons Jr. became President and Chief Executive Officer of Ameren Corporation and a member of the Board of Directors on January 1, 2022. He joined Ameren in 2001 as vice president and controller. Throughout his career at Ameren, he has held several senior leadership roles, including serving as chief financial officer for 10 years, president of Ameren Services, and president of Ameren Missouri. Prior to joining Ameren, Mr. Lyons was a partner at PricewaterhouseCoopers LLP.

Leonard P. Singh - Executive Vice President and Chief Financial Officer

Effective January 1, 2026, Leonard P. Singh will assume the role of Executive Vice President and Chief Financial Officer of Ameren Corporation and Chairman and President of Ameren Services. Prior to this, he served as chairman and president of Ameren Illinois. Mr. Singh joined Ameren in 2022 after more than 30 years at Consolidated Edison Company of New York.

Michael L. Moehn - Group President, Ameren Utilities

Effective January 1, 2026, Michael L. Moehn will become Group President of Ameren Utilities, a newly created role where he will oversee all of Ameren's operating utilities. Until this transition, he served as Senior Executive Vice President and Chief Financial Officer of Ameren Corporation and Chairman and President of Ameren Services, as well as interim chairman and president of Ameren Missouri. Mr. Moehn joined Ameren in 2000 and has held numerous leadership roles within the company, including President of Ameren Missouri from 2014 to 2019, and Chief Financial Officer since 2019. Before joining Ameren, he was employed for nine years by PricewaterhouseCoopers LLP, including as Senior Manager.

Mark C. Lindgren - Executive Vice President, Corporate Communications, and Chief Human Resources Officer

Mark C. Lindgren serves as Executive Vice President, Corporate Communications, and Chief Human Resources Officer for Ameren. He joined Ameren Services in 1998 and has held various human resources leadership roles. He was elected Vice President, Human Resources in 2009, Chief Human Resources Officer in 2012, and Senior Vice President, Corporate Communications, and Chief Human Resources Officer in September 2015, before being named Executive Vice President in March 2023.

David M. Feinberg - Executive Vice President, General Counsel and Corporate Secretary

David M. Feinberg was appointed Executive Vice President, General Counsel and Corporate Secretary of Ameren Corporation, effective November 4, 2025. Prior to joining Ameren, Mr. Feinberg most recently served as executive vice president, general counsel and corporate secretary of American Electric Power Company, Inc. (AEP), which he joined in 2011. Before AEP, he held roles including vice president, general counsel and corporate secretary at Allegheny Energy, Inc., and was a partner at the law firm of Jenner & Block.

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The key risks for Ameren (AEE) include:

1. Regulatory and Legislative Risks: Ameren operates in a heavily regulated environment, and adverse outcomes from regulatory proceedings and appeals in its key jurisdictions, such as Illinois and Missouri, pose a significant risk. Changes in laws, regulations, and policies, as well as the need for timely regulatory approvals for rate adjustments and infrastructure projects, can directly impact the company's financial performance and profitability. For example, a June 2024 order by the Illinois Commerce Commission (ICC) approved a lower multi-year rate plan revenue increase than Ameren had requested.
2. Financial Leverage and Rising Interest Rates: Ameren carries a notable debt-to-equity ratio, which can expose it to elevated risk, especially in an environment of rising interest rates. Higher financing costs directly erode net income, with increased interest expense already being cited as a material drag on the company's financial results.
3. Environmental Transition Risk and Reliance on Fossil Fuels: Despite Ameren's long-term goal of achieving net-zero carbon emissions by 2045, its near-term generation strategy continues to rely substantially on fossil fuels, including plans to add new natural gas generation capacity by 2030. This continued investment in fossil fuels creates a risk of stranded assets if future climate regulations become more stringent or if the cost of carbon increases more rapidly than projected, potentially undermining its long-term decarbonization targets.

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Clear Emerging Threats for Ameren (AEE):

1. Accelerating Decentralized Energy Generation and Storage: The increasing affordability and adoption of distributed energy resources, such as rooftop solar panels and behind-the-meter battery storage systems, by residential, commercial, and industrial customers poses a clear threat. As customers generate and store more of their own electricity, their reliance on Ameren's traditional centralized generation and distribution infrastructure diminishes. This trend can lead to reduced electricity sales volumes, impacting revenue and challenging the recovery of fixed infrastructure costs, potentially eroding the traditional utility business model.
2. Intensifying Decarbonization Pressures and Regulatory Shifts: Ameren's significant reliance on fossil fuels (coal and natural gas) for electricity generation exposes it to growing regulatory, political, and market pressures for rapid decarbonization. Emerging state and federal policies, including stricter emission standards, carbon pricing mechanisms, and mandates for higher renewable energy penetration, could necessitate substantial capital expenditures for early retirement of existing assets, investment in new clean energy technologies, and extensive grid modernization. This presents a risk of stranded assets, increased compliance costs, and challenges in securing timely regulatory approval for necessary investments, fundamentally altering Ameren's generation portfolio and operational costs.

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Ameren (AEE) operates as a public utility holding company primarily within central and eastern Missouri and the southern four-fifths of Illinois. The company's main products and services encompass electric generation, transmission, and distribution, as well as natural gas distribution and transmission. Its addressable markets are specific to these regions within the United States.

For its main products and services, the estimated addressable market sizes are as follows:

• Electric Utility Services (Generation, Transmission, and Distribution):
  • Illinois: The total retail sales for electricity in Illinois were approximately 133,226,907 megawatt-hours (MWh) in 2024, with an average retail price of 12.21 cents per kilowatt-hour (kWh). This translates to an estimated market size of approximately $16.26 billion in 2024. Historically, the electric power industry in Illinois has earned between $13 billion and $17 billion annually from retail sales.
  • Missouri: The total retail sales for electricity in Missouri were 77,776,034 MWh in 2024, with an average retail price of 11.06 cents per kWh. This indicates an estimated market size of approximately $8.60 billion in 2024.
• Natural Gas Distribution and Transmission Services:
  • Illinois: The market size for the Natural Gas Distribution industry in Illinois is projected to be approximately $8.2 billion in 2026.
  • Missouri: The market size for the Natural Gas Distribution industry in Missouri is projected to be approximately $2.2 billion in 2026.

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Ameren Corporation (AEE) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Significant Infrastructure Investments: Ameren has outlined a robust capital expenditure plan of $31.8 billion for 2026 through 2030, representing a 21% increase over its previous plan. These substantial investments are primarily allocated to strengthening and maintaining the electric grid, developing new generation assets (including renewables), and expanding transmission capabilities across its service territories. These investments are crucial for ensuring system reliability and facilitating the energy transition, which allows for increased regulated revenue.
2. Rate Base Growth: The extensive infrastructure investments are projected to drive a significant 10.6% compound annual growth in Ameren's rate base from 2025 through 2030. As a regulated utility, Ameren's revenue and earnings are directly tied to its rate base, meaning this expansion will translate into higher allowable returns and, consequently, increased revenue.
3. Large Load Electric Service Agreements (ESAs) / Data Center Growth: Ameren has recently secured 2.2 gigawatts of new large load electric service agreements in Missouri, particularly with data centers. While the base plan assumes 1.2 GW of new load by 2030, these executed agreements represent significant upside potential for increased electricity sales and revenue as these large-scale customers come online.
4. New Electric Service Rates: New electric service rates implemented by Ameren Missouri, effective June 1, 2025, contribute to revenue growth. Additionally, constructive regulatory outcomes in both Missouri and Illinois support the company's ability to recover costs and earn a fair return on its investments, thereby enhancing future revenue streams.
5. General Retail Sales Growth: Beyond the specific large load agreements, Ameren Missouri has also experienced broader weather-normalized retail sales growth, including a 1% overall increase and a 1.5% rise in commercial class sales. This indicates a steady underlying demand from existing and new residential, commercial, and industrial customers, providing a consistent driver of revenue.

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Share Issuance

• Ameren issued 1.8 million shares of common stock in 2021, generating proceeds of $148 million.
• In 2025, Ameren announced an underwritten offering of $520 million of its common stock, involving forward sale agreements.
• The company anticipates issuing approximately $600 million in new equity annually to support its significant capital expenditure pipeline.

Capital Expenditures

• Ameren plans a total of $26.3 billion in capital expenditures from 2025 through 2029.
• For the period 2026 through 2030, Ameren's capital expenditure plan totals $31.8 billion, representing a 21% increase over the previous year's plan, with a primary focus on generation, transmission, and grid modernization projects.
• In 2025, the company invested more than $4 billion in electric, natural gas, and transmission infrastructure, which also supported over 70 economic development projects, creating 3,728 new jobs and spurring $3.56 billion in capital investment.